Over the last five or six years …Papaya Global Bangalore… functions on the provider side and likewise on the vendor side from a payroll viewpoint so actually eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well among the 30 seconds or two to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I truly do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very gloomy and I wish I was elsewhere at this moment in time okay so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing Global payroll why business keep different
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll also go over a wrap-up which ought to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being increasingly more typical and managing them becomes a growing number of complex International companies are aiming to discover Solutions and brand-new ways to enhance processes especially from a payroll and cross-border payment perspective numerous organizations maintain different bank account just for payroll while some have several accounts in various countries does it make good sense for companies to preserve separate savings account sometimes in various nations it does however just for payroll exists a better method what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business improve the episode complex procedures of
making payroll payments precisely efficiently securely and on time during this webinar we’ll walk you through the international benefits and drawbacks of a payroll wallet versus a payroll bank account how companies accurately anticipate their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most notably policies compliance information security and banking guidelines then there are the large numbers they include more intricacy the worldwide Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing worldwide in the standard payroll model there’s often a frustrating number of various systems leading to lengthy manual processes and silos the number of Combinations could be non-existent in big quantities and or extremely really fundamental there’s no genuine consistency structure we’re residing in a period of tech however payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a company spends on international payroll the less of a photo they see an absence of presence also extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction almost half of international services have expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the incorrect place the typical cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash all over the world payroll and payments do not run smoothly if they rely on the needed numerous processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re paying to employees or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not require to be included best and what does
it require to be thought of there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy any place you look right ultimately constructing a knowledge base is absolutely important however everywhere you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is permitting us to kind of move forward with that it also too to contribute to that payroll and financing require to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely essential that payroll and financing groups work more detailed together than ever um I’m always astonished when people say I have actually split payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people wherever they are but likewise paying statutory authorities and on statutory third parties so with the
world we live in and well-being being a growing number of essential to add to kind of the level of intricacy there’s a growing number of benefits being organ or being offered by services throughout the world so again you’re simply wanting to include a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of genuine challenges or genuine challenging type of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of decades I would absolutely say that the larger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are groups feeding information into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that doesn’t always require to be the case you understand long gone are the times where we require to produce additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in an era of tech and a period that you understand that we are operating in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you stated payroll is the single biggest liability that any organization has from a cost viewpoint from an impact point of view on workers it is definitely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful effect on people’s wellness and lots of other elements if people aren’t paid uh I’ve constantly been impressed entering this Market type of the last five to 10 years is how little thanks the
payroll group get um so I’m not sure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely vital that all of this stuff is done properly so leveraging the very first Global Payments very first payroll payment option is a terrific first step um offering an end-to-end payroll option for your workers worldwide once again I believe is another substantial um process again lining up and guaranteeing you have standardization International procedures all of those things are definitely crucial to success success of companies and reducing the number of tools platforms and checking account they need for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone quite where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyway we know how how important a function it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everybody that’s involved in those procedures and also so picture sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make sure we’re discussing numerous thousands potentially Millions envision getting that lots of thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would certainly be an intriguing task trying to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and in fact see what was going on and type of try to get back to everyone so proceeding appearance why do business choose to primary different bank accounts there are Papaya Global Bangalore companies out there doing exactly this for particular nations and I have actually worked in a service or numerous companies doing precisely that I can state it doesn’t always feel efficient and it does create more work I know we’re not purposely doing that we’re not creating additional work for any person where we don’t have to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I believe people have actually got so used to we need a new bank account we open an entity and appropriately so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually adopted and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I think this is a process that requires looking at it requires changing but eventually individuals are extremely stuck with what they’re familiar
with ideal um change is a difficult thing we all do not like change um so I think it’s just sort of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having keeping numerous savings account but there’s a huge quantity of intricacy opts for setting up a bank account preserving it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is substantial but I believe the sincere response is change um people have not had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you have actually struck the nail on the head I think it is understanding you understand and there is an aspect of resistance to change however we have actually constantly done it that way is no real reason for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might almost be determined to be the next Century or so there is a lot to keep an eye on and this method does posture several obstacles um so Johnny might you inform us about those challenges yeah naturally so there’s a variety right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has actually gotten another CFO, and with this enhanced capability, I have actually successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Bangalore